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Hardy: AUD story remains bearish while USD looks in limbo

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The decision by the Reserve Bank of Australia to hold interest rates as 2.25% saw a rally in the Aussie. But Saxo's John Hardy says this doesn't change the AUD story which remains bearish. He thinks the spike is a one-off and the reaction will fade quickly.

Ahead of Wednesday's release of the FOMC minutes, Hardy says the market believes a June rate hike is now extremely unlikely. He thinks USD looks in limbo although it has proved resilient given the weak nonfarm payroll data that was published last week.

Hardy is looking to short EURUSD. He says as long as the FOMC minutes don't surprise to the dovish side, USD looks in pretty good shape. He also warns traders to watch out for the Greek risks in play this week.